Samsung KPMG forecasted on the 18th in the report titled 'Ice cream market smiling again, what are the new changes?' that the global ice cream market size will reach $10.34 billion (about 149 trillion won) this year. It also predicted a continued average annual growth of 5% until 2029.
The scale of domestic ice cream exports is also rapidly increasing. In particular, in the U.S. market, the import amount of Korean ice cream exceeded $23.38 million from January to August this year, marking an 18.5% increase compared to the same period last year. During the same period, China imported $7.74 million worth of Korean ice cream, securing its position as the fifth-largest importer after France, New Zealand, the U.S., and Japan.
Domestic corporations in the ice cream sector have begun to target the market through differentiated strategies tailored to specific national characteristics. Binggrae is focusing on the U.S. and European markets beyond Southeast Asia, while Lotte Wellfood is concentrating on expanding sales in the Indian ice cream market based on its subsidiary and local production facilities. Furthermore, ice cream corporations are launching low-calorie versions of popular existing products and developing vegan ice cream using alternative dairy products.
Companies from different industries have also entered the ice cream market. Maeil Dairies and Seoul Milk have introduced premium ice cream utilizing their own raw milk brands. The convenience store industry is introducing cost-effective products by collaborating between private brand (PB) products and popular brands, following market trends.
Samjeong KPMG assessed that domestic ice cream corporations are at a turning point in overcoming the limitations of the domestic market and advancing into the global market. It diagnosed that they need to seek new markets and enhance competitiveness through product development and manufacturing technology innovation.
Shin Jang-hoon, leader (vice president) of Samjeong KPMG's consumer goods and retail industry, said, 'Ice cream corporations need to secure growth momentum by responding to changes in the domestic market while seeking new business opportunities in overseas markets.'